The production cuts may have erased the surplus, but for how long?
Stored petroleum around the world fell through 2017 and the first quarter of 2018, ending a period of oversupply in the global market that began before OPEC began production cuts in November 2016, according to data from the EIA.

The production cuts took effect in January 2017, reducing supply by 1.2 MMBOPD (compared to October 2016 levels) and limiting total OPEC production to 32.5 MMBOPD. Russia joined in by agreeing to reduce its crude oil production, and OPEC eventually e...


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